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Ronan Manly: Kremlin confirms intention to back the ruble with gold and commodities

Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Thursday, April 28, 2022

On Tuesday, April 26, in an interview with newspaper Rossiyskaya Gazeta, the secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said that Russian experts are working on a project to back the Russian ruble with gold and other commodities.

The interview, which is in Russian, can be seen on the newspaper's website here:

For those who don’t know the name Nikolai Patrushev, he is one of the Russia's most powerful security and intelligence officers and a close ally of President Vladimir Putin. After serving between 1999 and 2008 as director of the Russian Federal Security Service (the successor to the KGB), Patrushev became secretary of the Russian Security Council. In fact, Patrushev took over as sirector of the FSB in 1999 from Putin.

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The Security Council of the Russian Federation is chaired by Putin, with Patrushev as secretary, overseeing the Security Council and answering directly to Putin. The deputy chairman of the Security Council is Dmitry Medvedev, the former Russian president and prime minister. Among the other members of the Security Council are the current Russian prime minister, Mikhail Mishustin, and Russian foreign minister Sergei Lavrov.

So when Nikolai Patrushev says that Russia is working on a plan to back the ruble with gold and commodities, it is not just anyone saying this. It is being said at the highest echelons of the Russian government. ...

... For the remainder of the report:

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